New Delhi: In a sign of a possible turnaround of operations, low-cost carrier SpiceJet on Tuesday cleared salary dues for the month of November for all pilots and senior management officials. The airline, which was in the midst of a severe financial crunch for the first two weeks of December and had cancelled a bulk of flights for two straight days (December 16 and 17), had held back salaries of employees in the top 15% wage bracket till Monday.
The positive development, which hints towards an imminent investment from a clutch of investors led by previous promoter Ajay Singh, comes after the airline last week almost completely cleared dues of about Rs 14 crore with oil marketing companies (OMCs). However, the airline still has liabilities of about Rs 2,000 crore, including over Rs 200 crore due to Airports Authority of India (AAI), Rs 80 crore to other airports and about Rs 100 crore to tax authorities.
“We paid the salaries today. And there are no fuel overdues either,” a company official told FE, while requesting anonymity. A pilot also confirmed that the salary for November has been credited.
23/12/14 Roudra Bhattacharya/Financial Express
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The positive development, which hints towards an imminent investment from a clutch of investors led by previous promoter Ajay Singh, comes after the airline last week almost completely cleared dues of about Rs 14 crore with oil marketing companies (OMCs). However, the airline still has liabilities of about Rs 2,000 crore, including over Rs 200 crore due to Airports Authority of India (AAI), Rs 80 crore to other airports and about Rs 100 crore to tax authorities.
“We paid the salaries today. And there are no fuel overdues either,” a company official told FE, while requesting anonymity. A pilot also confirmed that the salary for November has been credited.
23/12/14 Roudra Bhattacharya/Financial Express
